From this mornings Globe and Mail 40 percent of employers freeze pay:
More than 40 per cent of Canadian companies have now imposed, or plan to impose, salary freezes this year, according to a survey released Tuesday by consulting firm Towers Perrin.
And “salaries for senior executives are more likely to be frozen than any other group,” Towers Perrin found in a survey of 246 organizations.
The report comes a day after three major Canadian banks – the Bank of Montreal, Canadian Imperial Bank of Commerce and Bank of Nova Scotia – reported that their chief executive officers have agreed to voluntarily give up more than $15-million in compensation.
Towers Perrin reported that only 7 per cent of its survey participants have made significant reductions in staff levels, although another 18 per cent are considering major layoffs, the firm reported.
On the same subject, I’ve heard of a number of Vancouver companies that have been offering pay cuts / reduced hours in lieu of layoffs. How are you and your family being affected by the accelerating downturn in the local economy?